Opinion – Friday 31 March 2017

European and US equities have brushed aside the negative lead from Asia which saw the Shanghai composite down nearly 1% on the day and its fourth session of declines. The Euro has also come under pressure amid softer than expected German inflation with the move lower...

Opinion – Thursday 30 March 2017

The UK Brexit letter has finally been delivered, but market reaction has been fairly muted. US equity Indices have traded in and out of positive territory and main European indices closed the day up between 0.29% and 0.45%. The US Dollar is stronger against European...

Opinion – Wednesday 29 March 2017

Getting toward the end of the month and the end of the Quarter, and given the torpor of risk assets markets of late, the return of some buying could easily have occurred. And that could well be part of the explanation for yesterday’s moves. Stocks were higher in...

Opinion – Tuesday 28 March 2017

The German economy is continuing to out-perform. The run of better than expected data continued, this time from the German IFO Survey for March. The survey was the strongest since 2011 and also not far off the pre-GFC highs of a decade ago when the German economy was...

Opinion – Monday 27 March 2017

The US Dollar (BBDX) was little changed on Friday while US equities and US Treasury yields ended the week a little bit lower reflecting a mild risk off tone. After all of last week’s saga, the US has no phenomenal health care plan as Republicans tell Trump that...

Opinion – Friday 24 March 2017

It seem that every week the market is waiting for an important event to happen which will finally get prices to move in most asset classes. Yesterday the whole focus was on the Health Bill in Congress and less than an hour before US Markets closed it was announced...

Opinion – Thursday 23 March 2017

Have markets broken up with the Trump trade? Today will be a key test of this hypothesis with the US Congress voting on a key Healthcare Reform Bill which is seen as a crucial test of the relationship between the White House and Congress. If the bill does not pass,...

Opinion – Wednesday 22 March 2017

The US Equity market had its worst trading day in nearly five months with both the Dow and S&P registering substantial Downside Key Day Reversals yesterday by closing down 1.14% and 1.25% respectively. Stocks closed lower and while it hasn’t been any key economy...

Opinion – Tuesday 21 March 2017

Yesterday was one of the quietest trading sessions of the year to date with the market closing more or less unchanged from where it closed on Friday with the US Dollar and Treasury yields in retreat. It has been something of a variation on a theme with the US Dollar...

Opinion – Monday 20 March 2017

R.I.P. Chuck Berry. And R.I.P. anti-protectionism, after the weekend G20 meeting Communique omitted reference to avoiding protectionism, reflecting the new reality of the USA’s position. This turns the spotlight firmly on the formulation of U.S. Trade Policy in coming...

Opinion – Thursday 16 March 2017

Three remains the number of times the Fed thinks it will most likely raise rates this year in total, and again in 2018. Together with the absence of any reference to when balance sheet shrinkage might commence (either in the FOMC statement or in Janet Yellen’s press...

Opinion – Wednesday 15 March 2017

What was meant to be a quiet trading session ahead of key risk events (US FOMC and Dutch elections today) turned out to be rather more exciting. The WTI Oil price fell 1.4%, on the back of an OPEC report that stated Saudi Arabia increased oil production in February...

Opinion – Tuesday 14 March 2017

Yesterday was a quiet trading session with markets essentially marking time ahead of key risk events tomorrow and later in the week. 10y US Treasury yields are back above 2.60% with long dated corporate issuance seemingly a key driver and after being on the back foot...

Opinion – Monday 13 March 2017

In markets, the US Dollar fell along with Treasury yields while US stocks ended modestly higher in the wake of what was undoubtedly a good US Employment Report, but testament to both the ‘whisper’ numbers being to the high side of published consensus estimates and the...